Accountants Professional Indemnity Insurance — Endorsement

Application

This endorsement attaches to and forms part of the Meridian Professional Indemnity Insurance wording, version 1.5.0-DRAFT (document reference 2026/PI/0001), referred to here as the base wording. It changes the base wording only as set out below. All other terms, conditions, exclusions and limits of the base wording continue to apply.

Words defined in the base wording have the same meaning in this endorsement. Where this endorsement and the base wording conflict, this endorsement applies to the extent of the conflict.

The same terms are published as a single integrated wording, Accountants Professional Indemnity Insurance, version 1.1.0-DRAFT. Both documents are generated from the same source and have the same effect.

Replaced: Professional services

The definition of Professional services in the base wording is deleted and replaced with the following.

Professional services

The following services provided to a third party for a fee:

(a) accounting, including management accounting and the preparation of financial statements;

(b) auditing and review, including company audits and audits of self-managed superannuation funds;

(c) tax agent services and BAS services, including tax (financial) advice;

(d) bookkeeping and payroll services;

(e) insolvency and restructuring work, including acting as an external administrator, liquidator, receiver, or trustee in bankruptcy;

(f) acting as trustee, executor or administrator of a trust or deceased estate;

(g) business valuations and forensic accounting;

(h) financial consulting, other than a service that requires an Australian financial services licence unless that service is shown in the schedule; and

(i) any other service shown in the schedule as a professional service.

The services in (b) and (e) are professional services shown in the schedule for the purposes of the Financial Services exclusion. That exclusion does not apply to them, unless the work involves financial product advice, dealing in a financial product or a credit activity.

Added: Tax Practitioners Board and ATO Investigations

The following extension is added to the base wording, after the Inquiry Costs extension.

Tax Practitioners Board and ATO Investigations

We also pay defence costs under the Inquiry Costs extension for an investigation by the Tax Practitioners Board into your conduct as a registered tax agent or BAS agent, and for a review or audit by the Australian Taxation Office of your conduct as a registered agent.

This extension does not cover the cost of responding to an audit or review of a client's tax affairs, except to the extent that the client is entitled to recover that cost from you because of your negligence.

Added: Tax Exploitation Schemes

The following exclusion is added to the base wording, after the Deliberate and Dishonest Acts exclusion.

Tax Exploitation Schemes

Arising from your promotion of a tax exploitation scheme within the meaning of Division 290 of Schedule 1 to the Taxation Administration Act 1953 (Cth), but only to the extent that a Final adjudication establishes that you promoted it. Until then, we will advance defence costs under the Defence Costs provision. If a Final adjudication then establishes that you promoted the scheme, you must repay the defence costs advanced for that conduct, as that clause provides.

Added: Investment Performance

The following exclusion is added to the base wording, after the Financial Services exclusion.

Investment Performance

For any loss of value of, or failure to achieve a return on, an investment or financial product.

This exclusion does not apply to a claim that the loss was caused by your negligent accounting or tax advice, or by financial product advice that is a professional service under the Licensed Financial Advice endorsement.

Accountants Endorsements

The following endorsements apply to this policy only when the schedule shows that they apply.

An endorsement does not apply to the extent that a law, or a requirement of the Tax Practitioners Board, ASIC or a professional standards scheme, requiring you to hold this insurance does not permit the cover it removes to be excluded or limited.

Registered Liquidators

This endorsement applies to you while you, or an insured person, are registered as a liquidator under the Corporations Act 2001 (Cth).

Appointment money. Despite the Deliberate and Dishonest Acts exclusion, we will pay the loss of money or property that you hold as an external administrator, liquidator, receiver or trustee, caused by the dishonest or fraudulent conduct of an employee or of a person you engage to assist with the appointment. The most we will pay for all such losses in the policy period is the sub-limit shown in the schedule for this endorsement, which is part of the limit of liability. This sub-limit applies instead of the sub-limit for the First-Party Dishonesty extension for that loss. This paragraph does not apply to dishonest or fraudulent conduct of a principal or director of the company, which remains subject to the Deliberate and Dishonest Acts exclusion.

Run-off. If you cease to practise as a registered liquidator, or the company becomes insolvent, during the policy period, the Run-Off Cover extension continues for claims arising from your appointments for the period shown in the schedule for this endorsement, of up to seven years after the end of the policy period, on payment of the premium shown in the schedule.

[WP REVIEW: confirm that this fidelity sub-limit and a run-off of up to seven years meet the adequacy expected by ASIC RG 258 for registered liquidators.]

Listed Entity Audits Exclusion

We do not cover any claim, loss or liability arising from an audit or review of the financial report of an entity listed on a securities exchange, or of an entity regulated by APRA.

SMSF Audits Sub-limit

For all claims arising from audits of self-managed superannuation funds, the most we will pay in total, including defence costs, is the sub-limit shown in the schedule for this endorsement. The sub-limit is part of, and not in addition to, the limit of liability.

Licensed Financial Advice

Financial product advice that you provide under a limited Australian financial services licence, or as an authorised representative of the holder of such a licence, is a professional service under this policy. The licence or authorisation is shown in the schedule.

For a claim arising from that advice, the Financial Services exclusion does not apply, and the Investment Performance exclusion does not apply to a claim that the loss was caused by your negligence in giving that advice.

[WP REVIEW: confirm whether ASIC RG 126 applies to an insured who gives advice under a limited AFS licence, and whether an authorised representative's cover can satisfy the licensee's obligations.]

Valuations Sub-limit

For all claims arising from business, share or asset valuations, the most we will pay in total, including defence costs, is the sub-limit shown in the schedule for this endorsement. The sub-limit is part of, and not in addition to, the limit of liability.

Crypto-assets Exclusion

We do not cover any claim, loss or liability arising from the custody, transfer or loss of access to a crypto-asset, or from any advice about the value of a crypto-asset.

This endorsement does not apply to a claim arising from your preparation of a tax return or financial statements that record crypto-assets.